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Centro pays $57m at Warnbro

MELBOURNE-BASED Centro Properties Group bought the Westpoint Corporation-linked Warnbro Fair Shopping Centre in Western Australia for $57 million. Warnbro Fair was acquired from Elderslie Finance Corporation Ltd in its capacity as custodian of the Warnbro Fair Syndicate. The property is linked to the failed Westpoint property group which last year left investors owed millions around the country. Centro said the deal reflected a valuation yield of 6.25 per cent. Centro is a major retail owner and manager in WA, overseeing five of the top 20 centres in the state, including the biggest – the Galleria shopping centre in Morley. The Warnbro shopping centre has a retail area of 11,383 square metres and contains both Woolworths and Coles supermarkets. The nine-year-old centre has 627 car bays and 44 specialty retail shops.

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